Managers fill orders without too many leftover items. Inventory is another area where predictive analytics can grow. Right now, big data helps retailers organize their inventory as to not have too much or too little left in stock. In the next five years, however, data scientists will create software to predict where companies can generate more revenue. Looking at buying patterns and predicting the market, retailers will soon know, for example, that their accessory line will make them the most money and their shoe line will cost them revenue.
Company forecasting Predictive
Analytics provides accurate revenue forecasting c level contact list so retailers can understand income at any point in the year. Retailers will no longer have to guess what will happen during slow months or busy seasons. Predictive analytics can accurately forecast sales, which will then help businesses plan accordingly. Another area changing the shape of retail is artificial intelligence (AI). AI technology also relies on big data and can help in revolutionizing the buying experience.
Improving Retail with AI Global
Spending on AI in the retail industry is email marketing examples: how to use ai to gain advantage in 2024 expected to grow to $7.3 billion per year by 2020. The report breaks down the expected spending to three technological tools expected to grow in importance. Customer service and sentiment analytics will grow by 54%, AI-based automated marketing by 30%, and demand forecasting by 16%. There are many use cases for AI in retail. Here’s what companies are currently using and where this technology will take the industry.
Augmented reality (AR) and virtual reality
AR and VR are two types of technology that bgb directory harness the power of AI to change the user’s perception and there are many use cases for both in the retail industry. Augmented reality Let’s look at examples of this technology in action. Ikea launched an AR feature so that users can see how furniture looks in their homes and spaces. This app, called Ikea place, features over 2,000 items from the Ikea catalog.